Aben
Resources Arranges $1,000,000 Financing
Aben Resources
Ltd. (TSX-V:
ABN) (Frankfurt: E2L) (OTC Pink: ABNAF) (the
"Company") announces it has arranged a non-brokered private placement
to raise up to $1,000,000 by the issuance of up to
14,285,714 flow-through units (the "FT Units") at a price of $0.07
per FT Unit. Each FT Unit will consist of one flow-through common share and one
non-transferable, non flow-through warrant (the
"NFT Warrant"). Each NFT Warrant will entitle the holder to purchase
one non flow-through common share at a price of $0.10 for a period of three
years from the closing date of the private placement.
The Company may pay up to a 7% finder's fee payable in
cash and 7% in non-transferable non flow-through warrants (the "Finder's
Warrants") in connection with part of this private placement offering.
Each Finder's Warrant will entitle the Finder to purchase a non-flow-through
common share at a price of $0.10 per share for a period of three years from the
closing date of the private placement.
2012 Exploration and Drill Program:
Aben Resources intends to utilize the proceeds from this
private placement for its continuing drill program on its 100% owned, 18,314
acre flagship Justin Project in the southeast Yukon. Results from the first
hole in the 2012 season, JN12011, at the POW Zone returned 46.4 metres grading 1.49 g/t Au including 9.2 metres grading 3.88 g/t Au, and extended the gold
mineralization discovered last year by up to 85 metres
(see Aben news release dated August 16, 2012).
Justin Project Plan View of POW Zone
Drilling:
http://www.abenresources.com/i/maps/ABN-Justin-Project-Plan-View-of-2012-Pow-Zone-Drilling.jpg
The first three holes ever drilled into the POW Zone
have now been reported and have successfully intercepted significant gold
intervals showing notable consistency and continuity of mineralization within
the holes. Furthermore, surface sample MMJNR036, with noted visible gold,
assayed 3.66 g/t Au in the eastern POW Zone. Assay results are pending for
drill holes designed to further test this surface anomaly located 400+ metres southeast of hole JN12011
at the western POW Zone.
Justin Property Location and Previous Exploration on
the Project:
The Justin property is located in the southeast Yukon
within the Tintina Gold Belt approximately 35 kilometres southeast of the Cantung
Mine and is accessed by an all-season road. Justin property tenure is
contiguous with Northern Tiger Resources' (TSX-V: NTR) 3Ace Gold Project.
Justin Project Claims Map:
http://www.abenresources.com/i/maps/Justin-Claim-Boundary.jpg
In 2011, a first-pass drill program consisting of ten
drill holes was completed on the Justin Project to test four different
mineralized areas. The previously reported drill hole
results indicated that a significant new greenfield gold discovery was made at
the POW Zone. Highlights from that program included 60.0 metres
of 1.19 g/t gold including 21.0 metres of 2.47 g/t
gold in hole JN11009 as well as 11.3 metres of 2.70
g/t gold in hole JN11010.
Qualified Person:
Tim J. Termuende, P.Geo., is a Director and the Qualified Person for Aben Resources as defined by National Instrument 43-101 and
has reviewed and approved the technical information in this release.
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration
company exploring and developing its portfolio of properties in the Yukon and
NWT in which it has exploration rights to over 600,000 acres of land. The
Company's road-accessible flagship property, the Justin Gold Project, boasts a
new greenfield discovery made in 2011 with an
aggressive 2012 follow-up exploration and drill program currently underway.
For further information on Aben
Resources Ltd. (TSX-V: ABN), visit our Company's web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim
Pettit"